Amanasu Environment (AMSU) 10-Q 14 Aug 17 2017 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2017	Aug. 11, 2017
Document and Entity Information
Entity Registrant Name	AMANASU ENVIRONMENT CORP
Document Type	10-Q
Document Period End Date	Jun. 30, 2017
Amendment Flag	false
Entity Central Index Key	1,142,801
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding		44,100,816
Entity Filer Category	Smaller Reporting Company
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q2

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Jun. 30, 2017	Dec. 31, 2016
Current Assets:
Cash	$ 5,129	$ 6,038
Total current assets	5,129	6,038
Total Assets	5,129	6,038
Current Liabilities:
Accounts payable and accrued expenses	8,184	7,309
Accrued expenses – related parties	52,979	31,942
Accrued interest - stockholders	28,805	22,191
Taxes payable	30,011	28,829
Loans from shareholder	259,305	228,855
Due to related parties	31,274	14,174
Total current liabilities	410,558	333,300
Stockholders' Equity:
Common Stock: authorized 100,000,000 shares of $.001 par value;44,100,816 and 44,100,816 shares issued and outstanding, respectively	44,101	44,101
Additional paid in capital	4,793,552	4,793,552
Accumulated deficit	(5,247,787)	(5,170,041)
Accumulated other comprehensive income	4,977	5,360
Total Amanasu Environment Corporation stockholders' deficit	(405,157)	(327,028)
Non controlling interest in subsidiary	(272)	(234)
Total stockholders' eficit	(405,429)	(327,262)
Total Liabilities and Stockholders' Deficit	$ 5,129	$ 6,038

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2017	Dec. 31, 2016
Statement of Financial Position [Abstract]
Common stock shares authorized	100,000,000	100,000,000
Common stock shares par value	$ 0.001	$ 0.001
Common stock shares issued	44,100,816	44,100,816
Common stock shares outstanding	44,100,816	44,100,816

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Income Statement [Abstract]
Revenue	$ 0	$ 0	$ 0	$ 0
Cost of revenue	0	0	0	0
Gross profit	0	0	0	0
General and administrative expenses	18,464	16,097	71,132	37,899
Total operating expenses	18,464	16,097	71,132	37,899
Operating loss	(18,464)	(16,097)	(71,132)	(37,899)
Other Expense:
Interest expense - stockholders	(3,991)	(2,133)	(6,614)	(4,682)
Net loss before income taxes	(22,455)	(18,230)	(77,746)	(42,581)
Income taxes	0	0	0	0
Net loss	(22,455)	(18,230)	(77,746)	(42,581)
Net loss attributable to non-controlling interest	0	0	0	0
Net loss attributable to Amanasu Environment Corporation Shareholders	(22,455)	(18,230)	(77,746)	(42,581)
Other Comprehensive Income (Loss):
Foreign currency translation adjustment	95	(971)	(421)	(1,648)
Total Comprehensive Loss	(22,360)	(19,201)	(78,167)	(44,229)
Less: Comprehensive income (loss) attributable to non-controlling interest	8	(88)	(38)	(150)
Comprehensive loss attributable to Amanasu Environment Corporation Stockholders	$ (22,368)	$ (19,113)	$ (78,205)	$ (44,079)
Net Loss Per Share - basic and diluted	$ 0	$ 0	$ 0	$ 0
Average number of shares outstanding – basic and diluted	44,100,816	44,100,816	44,100,816	44,100,816

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
CASH FLOWS FROM OPERATIONS
Net loss	$ (77,746)	$ (42,581)
Changes in assets and liabilities:
Increase (decrease) in accounts payable and accrued expenses	696	(1,383)
Increase in accrued expenses – related parties	20,750	5,250
Increase in accrued interest - stockholders	6,614	4,682
Net cash used in operating activities	(49,686)	(34,032)
CASH FLOWS FROM FINANCING ACTIVITIES
Advances from stockholders, net of repayment	30,450	5,000
Due to related parties	18,327	(4,224)
Net Cash Provided by Financing Activities	48,777	776
Net Change In Cash	(909)	(33,256)
Cash balance, beginning of period	6,038	44,279
Cash balance, end of period	5,129	11,023
Supplemental disclosures of cash flow information:
Cash paid for interest	0	0
Cash paid for income taxes	$ 0	$ 0

1. BASIS OF PRESENTATION

1. BASIS OF PRESENTATION	6 Months Ended
	Jun. 30, 2017
Disclosure Text Block [Abstract]
1. BASIS OF PRESENTATION	The unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and the rules and regulations of the Securities and Exchange Commission. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, the accompanying unaudited financial statements contain all adjustments (consisting of normal recurring accruals) necessary to present fairly the financial position of the Company as of June 30, 2017, the results of operations for the three and six months ended June 30, 2017 and 2016, and statements of cash flows for the six months ended June 30, 2017 and 2016. These results are not necessarily indicative of the results to be expected for the full year or any other period. The December 31, 2016 balance sheet included herein was derived from the audited financial statements included in the Company’s Annual Report on Form 10-K as of that date. Accordingly, the financial statements included herein should be reviewed in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2016, as filed with the Securities and Exchange Commission (“SEC”) on April 17, 2017.

2. GOING CONCERN

2. GOING CONCERN	6 Months Ended
	Jun. 30, 2017
Disclosure Text Block [Abstract]
2. GOING CONCERN	The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As shown in the financial statements, the Company had a working capital deficiency of $405,429 and an accumulated deficit of $5,247,787 at June 30, 2017, and a record of continuing losses. These factors, among others, raise substantial doubt about the ability of the Company to continue as a going concern. The financial statements do not include adjustments relating to the recoverability of assets and classification of liabilities that might be necessary should the Company be unable to continue in operation. The Company's present plans, the realization of which cannot be assured, to overcome these difficulties include, but are not limited to, a continuing effort to investigate business acquisitions and joint ventures. As such, the Company may need to pursue additional sources of financing. There can be no assurances that the Company can secure additional financing.

3. SUMMARY OF SIGNIFICANT ACCOU

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2017
Summary Of Significant Accounting Policies
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	During the six months ended June 30, 2017, there have been no material changes in the Company’s significant accounting policies to those previously disclosed in the Annual Report.

4. RELATED PARTY TRANSACTIONS

4. RELATED PARTY TRANSACTIONS	6 Months Ended
	Jun. 30, 2017
Disclosure Text Block [Abstract]
4. RELATED PARTY TRANSACTIONS	The Company receives periodic advances from its principal stockholders and officers based upon the Company’s cash flow needs. There is no written loan agreement between the Company and the stockholders and officers. All advances bear interest at 4.45% and no repayment terms have been established. As a result, the amount is classified as a current liability. During the six months ended June 30, 2017, the Company borrowed $30,450 from a stockholder. The balance due as of June 30, 2017 and December 31, 2016 were $259,305 and $228,855, respectively. Interest expense associated with these loans were $3,991 and $6,614 for the three and six months ended June 30, 2017, respectively, as compared to $2,133 and $4,682 for the three and six months ended June 30, 2016, respectively. Accrued interest on these loans were $23,237 and $22,191 at June 30, 2017 and December 31, 2016, respectively. The Company has an arrangement with Lina Maki, a stockholder of the Company, for her management consulting time. The agreement is not written and no payment terms have been established. The fee is $10,000 annually. As of June 30, 2017 and December 31, 2016 amounts due to the stockholder were $5,000 and $-0-, respectively. For the most part, these payments are made by the Company’s affiliate. As such, when the payments are made by the Company’s affiliate or the lease payments are made by the Company on behalf of the affiliate, such amounts are shown as a reduction in or addition to the amount due from affiliate in the accompany balance sheets. The Company also leases it office space from a stockholder of the Company. At June 30, 2017 and December 31, 2016, amounts due to the stockholder were $40,683 and $24,933, respectively. As such, when the lease payments are made by the Company’s affiliate or the lease payments are made by the Company on behalf of the affiliate, such amounts are shown as a reduction in or addition to the amount due from affiliate in the accompany balance sheets Amanasu Corp. is the principal stockholder of the Company. The balance due from Amanasu Corp. was $-0- and $29,915 at June 30, 2017 and December 31, 2016, respectively. The balance due to Amanasu Corp. was $50,000 and $50,000 at June 30, 2017 and December 31, 2016, respectively. No terms for repayment have been established. As a result, the amount is classified as a current liability. As of June 30, 2017, accrued interest was $5,568. During the six months ended June 30, 2017, board of directors approved to transfer the amount due from Amanasu Corp. for approximately $31,420 to Mr. Maki, the Company’s President and CEO for services provided. The Company recorded $31,420 as consulting fee in the six months ended June 30, 2017.

5. INCOME TAXES

5. INCOME TAXES	6 Months Ended
	Jun. 30, 2017
Income Taxes
5. INCOME TAXES	Deferred income taxes are recorded to reflect the tax consequences or benefits to future years of any temporary differences between the tax basis of assets and liabilities, and of net operating loss carryforwards. The Company has experienced losses since its inception. As a result, it has incurred no Federal income tax. Under pronouncements of the FASB, recognition of deferred tax assets is permitted unless it is more likely than not that the assets will not be realized. The Company has recorded a 100% valuation allowance against deferred tax assets.

6. NEW AUTHORITATIVE ACCOUNTING

6. NEW AUTHORITATIVE ACCOUNTING GUIDANCE	6 Months Ended
	Jun. 30, 2017
New Authoritative Accounting Guidance
6. NEW AUTHORITATIVE ACCOUNTING GUIDANCE	From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board or other standard bodies that may have an impact on the Company’s accounting and reporting. The Company believes that such recently issued accounting pronouncements and other authoritative guidance for which the effective date is in the will not be material to its financial position, results of operations, and cash flows, when implemented.

7. SUBSEQUENT EVENTS

7. SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2017
Subsequent Events [Abstract]
7. SUBSEQUENT EVENTS	The Company evaluated subsequent events, which are events or transactions that occurred after June 30, 2017 through the issuance of the accompanying financial statements and determined that no significant subsequent event need to be recognized or disclosed.

2. GOING CONCERN (Details Narra

2. GOING CONCERN (Details Narrative) - USD ($)	Jun. 30, 2017	Dec. 31, 2016
Going Concern Details Narrative
Working capital	$ (405,429)
Accumulated deficit	$ (5,247,787)	$ (5,170,041)

4. RELATED PARTY TRANSACTIONS (

4. RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Shareholders And Officers
Due to related party	$ 259,305		$ 259,305		$ 228,855
Accrued interest	23,237		23,237		22,191
Interest expense	3,991	$ 2,133	6,614	$ 4,682
Lina Maki
Due to related party	5,000		5,000		0
Stockholder
Due to related party	$ 40,683		$ 40,683		$ 24,933